March 02, 2023
Gartner says, “Marketers utilize only 58% of their MarTech stack’s potential.”
Any marketing plan's overarching concept remains to expand customer participation at every touchpoint. Discovering the value of a consumer over time is a proven approach to achieving marketing success. In the history of marketing, analytics and data have never been more critical.
Nonetheless, they've never been more out of date than they are now, as the focus of marketing moves toward developing high-tech, real-time platforms for engaging customers.
Why is modern marketing so contradictory?
The crucial component that powers every organization nowadays is information technology (IT). The amount of data being produced by big data and analytics is so enormous that it would be nearly impossible for marketing teams to process it all manually. The integration of technology into digital marketing has improved the ability to gather, process, refine, and use valuable data across a range of marketing channels with a guaranteed return on investment (ROI).
New marketing technologies (MarTech) have enabled the development of more commercially viable content forms and distribution channels that focus on greater audience engagement and client retention. The conventional CRM system is insufficient because of the rise of the marketing stack, which includes paid social media advertising on Facebook and Twitter and paid search results on Google.
To keep up with the ever-evolving marketing requirements, businesses need to adopt cutting-edge MarTech to lay a firm groundwork of data and infrastructure. When the MarTech landscape was first introduced in 2011, there were only about 150 choices available. Now this is expanding super-fast. Typical MarTech elements include marketing automation, Customer Data Platform (CDP), and Marketing Performance Management (MPM). Prevailing MarTech trends, include:
1. Data Unification
Consolidating, cleaning, and making accessible all your consumer data for analytics, insight, and action is more crucial than ever. The easiest method to do this nowadays is by using a proper customer data platform (CDP).
2. The Administrator of Customer Information
Because of the critical nature of customer data management to product marketing and the importance of data security and privacy, an increasing number of businesses are hiring or appointing a full-time manager to oversee the collection, integration, and use of all customer data for marketing purposes. The marketing data architect or manager is another name for this position.
Engaging customers on a personal level in real-time requires a seamless connection of real-time customer data with AI-driven automation so that marketers can tailor messages and incentives to each customer in real-time in response to their actions, scenarios, and preferences. The future of automated B2C marketing is in service that meets the needs of its customers promptly correcting and reducing poor customer experiences. Besides it, personalization is effective for providing other desirable messaging in real-time, at scale.
4. Data Privacy
Protecting sensitive customer information is a top priority for today's marketers and MarTech providers alike. Both the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) are now in effect, joining HIPAA, the EU-US and Swiss-US Privacy Shield Frameworks, and other similar legislation protecting individual privacy.
Are you measuring your MarTech Correctly? Really??
There are various ways through which you can measure the outcome of your MarTech, such as, but not limited to:
To sum up, your MarTech combined with the recent set of technologies out there is more capable than ever of delivering excellent customer and employee experience. Well-coordinated execution and ability to digitally orchestrate the automation of services is required, that is aligned to business outcome.
Those in charge of marketing often make poor investments in incorrect technologies, amass useless amounts of data, and overlook the need to integrate these new systems with their existing infrastructure. To put it another way, CMOs often ignore the strategic vision that necessitates a certain application and instead concentrate on the features of that application. They become infatuated with the possibilities presented by methods or approaches. However, that's not even a glimpse into the future.
The goal of developing a vision is to learn how to use marketing technology to accomplish certain goals, such as shortening the sales cycle, expanding the number of people who see your ads, increasing profits, and expanding the reach of your brand.
Technology is complex, and it's a common blunder for decision-makers to rely on the advice of their peers or choose vendors since they are already customers. Because of the interconnected nature of the MarTech stack's components, it's rarely effective to implement only one element at a time. Since the entire MarTech stack is automated, all its parts need to coordinate with one another. When working on a large scale, it's important to think about the big picture rather than just one component.
Nav Thethi, Senior Manager, Web and Digital Experience at Hitachi Vantara, is an accomplished, customer-obsessed marketer. He has advanced marketing acumen for creating and designing unified digital experiences for large enterprises to engage with technology and business leaders by providing them with information for the purpose of advancing their adoption of specific products and solutions offerings. Loaded with a variety of technology and business experience of over 20 years across mid-to-large organizations combined with prestigious professional affiliations, Nav is capable to drive best-in-class digital strategy for global businesses to engage with customers.
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